Drobetz, Wolfgang; Kammermann, Matthias; Wälchli, Urs - In: Schmalenbach Business Review (sbr) 57 (2005) 3, pp. 253-275
We estimate the underpricing and long-run performance of Swiss initial public offerings (IPOs) from 1983 to 2000. The average market adjusted initial return is 34.97%. To examine the long-run performance of Swiss IPOs, we compute buy-and-hold abnormal returns, skew-ness-adjusted wealth ratios,...